LONDON (ShareCast) - (Sharecast News) - Aston Martin Lagonda said on Tuesday that it was looking to raise more cash from investors as it issued another profit warning.
The luxury car maker said it was aiming to raise £110m through an equity placing and a further £100m in debt "to support future growth and enhance liquidity".

AML said the financing will provide it with "increased financial resilience and strength as the company maximises the potential of its fully reinvigorated core portfolio of class-leading next generation models and continues to invest in future growth opportunities".

It also said that due to the delayed delivery of a small number of ultra-exclusive Valiant models, the FY2024 financial impact of which is largely mitigated by cost actions, it now expects FY 2024 adjusted EBITDA of £270m to £280m, down from £305.9m the year before.

Aston Martin had already warned at the end of September that full-year profits were set to decline as a result of a cut to wholesale volume guidance due to supply chain disruption and weak demand in China.

It said at the time that EBITDA would be "slightly below" 2023.

Chief executive Adrian Hallmark said: "Building on the strength and desirability of Aston Martin's iconic brand, we have clear sustainable growth opportunities for the business. As we bring incredible products to market, my focus is on maximising the commercial potential of the company. We are already taking decisive actions to better position the group for the future including a more balanced production and delivery profile in the coming quarters.

"Coupled with a forensic approach to cost management and quality, these efforts will deliver enhanced operational and financial performance in 2025 and beyond, as we progress towards our mid-term targets. The financing we are undertaking supports our growth and provides the investment to continue with future product innovation."

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